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Reporting on fraud schemes, cyber attacks targeting financial systems, regulatory responses, and advancements in fraud prevention technologies.
KYC & CDD
Australia Launches New Director ID Regime
By Editors | 07/11/2021
Directors will face penalties for not applying for a director ID on time, for providing false ID information, or intentionally applying for multiple director IDs.
Anti-Money Laundering
HKMA Launches AMLab Series to Experiment with Network Analytics
By Editors | 07/11/2021
Five banks will work with data experts to experiment with the use of data analytics and network diagrams in identifying suspected money mules.
Fraud, Scams & Cybercrime
CBA Pleads Guilty to Mis-Selling Consumer Credit Insurance
By Editors | 01/11/2021
Deputy chair Sarah Court said ASIC pursued a criminal case against CBA after it was clear customers had been sold insurance that they had no use for.
Fraud, Scams & Cybercrime
HK ICAC Charges Property Agent With Mortgage Loan Fraud
By Ranamita Chakraborty | 01/11/2021
The property agent Chiu Ka-wai applied for a mortgage loan with HSBC and falsely represented that the property was for self-occupancy.
Cybersecurity
US Agencies Probe Chinese Payment Terminal Maker PAX
By Manesh Samtani | 28/10/2021
PAX Global Technology is reportedly under investigation over allegations from a US payment processor that its terminals are being used to stage cyberattacks.
KYC & CDD
PBOC Issues Guidance on Risk-based Account Opening
By Editors | 26/10/2021
Banks are required to establish a classification and hierarchical management system for SME bank accounts by the end of the year to ensure proper risk control.
Anti-Money Laundering
FATF Concludes Plenary, Finalises Work in Key Areas
By Manesh Samtani | 23/10/2021
The FATF will issue updated guidance for VASPs next week. A statement on Afghanistan was released. Beneficial ownership and cross-border payments also in focus.
Anti-Bribery & Corruption
Credit Suisse Settles Charges Over Mozambique ‘Secret Debt’
By Editors | 20/10/2021
Transactions that raised over $1bn were used to “perpetrate a hidden debt scheme”, pay kickbacks to investment bankers, and bribe government officials.
Fraud, Scams & Cybercrime
UPDATED – BOT Calms Nerves Amid Large Scale Bank Card Fraud
By Pongnut Thanaboonchai | 18/10/2021
More than 10,000 card holders have experienced unatuthorised transactions on credit and debit cards issued by several Thai banks.
Fraud, Scams & Cybercrime
HK Court Jails Former Convoy, Gransing Executives
By Editors | 17/10/2021
Former Convoy executives conspired to dishonestly arrange for bond placement commissions to be diverted to a company they substantially owned.
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